12.01 - End of Year Financial Report (2010)

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City of Pequot �- Lakes 2010 YEAR END BUDGET HIGHLIGHTS The 2010 year end fund balances are as follows. General Fund $ 844,984.51 Bobber Water Tower Fund $ 11,861.01 Library Fund $ 31,325.38 Library Building Fund $ 64,964.88 Community Policing Fund $ 8,721.01 Forfeiture (Alcohol) Fund $ 585.34 Forfeiture (Non - Alcohol) Fund $ 47.92 Park Dedication Fund $ 38,122.38 Cemetery Fund $ 26,781.40 Fire Fund $ 110,665.82 G O Equip Cert 2010A Fund $ 19,488.61 Business Park Fund $ 129,455.94 Highway 371 Fund $ 197,235.17 Water Fund $ 623,263.40 Sewer Fund $ 374,676.35 WAC Fund $ 32,123.38 SAC Fund $ 65,718.45 TOTAL $ 2,580,020.95 The General Fund capital outlay and council contingency carryover monies remaining at year end total $131,984.66. The City's Accounting and Reporting Policy states, "The City will designate a fund balance of up to 50% of the following year's General Fund budget for cash flow purposes ". As you can see in the following breakdown, the City is at 45% fund designation. At 2009 year end, the City was at 43% fund designation. 2010 General Fund cash balance $ 844,984.51 Capital Outlay /Council Contingency Carryover monies remaining (see attached) $ 131,984.66 Adjusted 2010 General Fund cash balance $ 712,999.85 2011 General Fund Budget $ 1,595,545.00 For 2010, the City received $67,040 less in levy settlements than anticipated. For 2010, the General Fund revenues exceeded expenditures by $14,302. The 2010 total interest earned for the above funds was $35,609. The 2009 total interest earned was $41,019.